Anthony Hsieh’s loanDepot Inc. recently boosted its digital efforts, nabbing a former Capital One executive to spearhead the division.
Foothill Ranch-based loanDepot (NYSE: LDI), whose February IPO vaulted Hsieh’s estimated fortune towards the $3 billion mark (see page 32), said it tapped George Brady to be chief digital officer, tasked with overseeing the company’s mello mortgage loan software and all other tech.
It’s a big position at a company that calls itself a “contemporary financial services” firm, which muscled its way into the traditional mortgage lending business with a high-tech touch. In the first quarter of this year alone it received $41.5 billion in loan originations, a record for the company, with net income of $427.9 million on total revenue of $1.3 billion.
Mello is a key part of that. The digital home mortgage software assists with credit checks, appraisals, income and employment verification and various other steps of the mortgage process, bringing the traditional process into the digital realm to save consumers time—as much as 75% the company has said.
Hsieh said at the time of mello’s launch in 2019 that mello aims “to mirror the digital experience that today’s customer wants,” avoiding “decades of traditional industry reliance on paper documentation and physical files.”
Brady isn’t new to financial tech services.
He served as chief technology officer at Capital One before coming to loanDepot and was credited with leading the company’s digital overhaul— encompassing everything from software to risk management. He’s also worked in technology-related positions at Fidelity Investments and Goldman Sachs & Co.
